You’re Struggling to Break Bitcoin’s All-Time High: Here’s What You Need to Know
Bitcoin’s price has been facing challenges reaching its all-time high of $75K, currently consolidating. On Friday, the cryptocurrency dropped below $70K, raising concerns about a potential deeper correction if key support levels are breached.
Technical Analysis
Examining the Daily Chart
- The price is stuck near the upper boundary of a descending channel, unable to break out decisively.
- The $69K support level is crucial in preventing a drop towards $60K.
- A breakthrough above $72K could trigger a rally towards $75K and beyond.
Assessing the 4-Hour Chart
- Bitcoin is forming an ascending channel around $70K, with resistance at $72K.
- Failure to breach the resistance could lead to a test of the $69K support.
- A breakdown might result in a deeper correction towards $60K, supported by a bearish RSI.
Sentiment Analysis
Reviewing Open Interest
- Investors are monitoring Bitcoin’s open interest in futures markets for clues.
- High open interest levels often precede liquidation events, hinting at a bearish trend.
- A recent divergence between price and open interest suggests downside pressure, impacting market sentiment negatively.
Hot Take: Stay Alert for Potential Volatility in Bitcoin’s Price Movements
As Bitcoin struggles to surpass its all-time high, the market remains uncertain about future price action. Watch key levels closely to gauge potential breakout or breakdown scenarios. Stay informed and prepared for volatility in the coming sessions.
Sources:
- [TradingView](link to TradingView source)
- [CryptoQuant](link to CryptoQuant source)
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